21
Estate of a partner who dies is:
A)
Not liable for acts of partners done after his demise
B)
Liable for acts of partners done after his demise
C)
Liable for acts of partners after his demise, if live partners are unable to pay the debts
D)
Liable for acts of partners after his demise, if the third person is not aware of the demise
Answer & Solution
Answer: Option
A
22
A property belonging to a partners an entering into a partnership and used for the purposes of partnership
A)
Becomes the property of the firm
B)
Remains the property of that partner
C)
Becomes the property of the partner having highest share of capital contribution
D)
Becomes the property of the partners in their profit sharing ratio
Answer & Solution
Answer: Option
B
23
Is the statement of law correct: "Implied authority of a partner in a partnership firm exists to selling of all properties of the partnership firm for the purpose of carrying on the business of the partnership firm"?
A)
Yes, since a partner is an agent of all other partners, his action to sell any property of the firm for the purposes of running of the business of a firm, is valid and results in transfer of ownership of the property which is transferred
B)
No, a partner has no implied authority to transfer any immovable property of the firm under the implied authority doctrine principle as contained in Section 19 (2)(g) of the Indian Partnership Act
C)
Yes, under implied authority principle a partner can transfer an immovable property if the disposal of the immovable property of the partnership firm is only by that partner who has put the sole effort to acquire the immovable property of the partnership firm which is transferred/disposed of
D)
Though a partner has no implied authority to transfer an immovable property of the partnership firm for the purpose of doing of the business, but such implied authority is granted to a managing partner under Section 22 of the Partnership Act
Answer & Solution
Answer: Option
B
24
A new person can be introduced into a firm as a partner under Section 31 of the Act by
A)
Unanimous consent of all the partners
B)
Majority consent amongst the partners
C)
With the consent of the managing partner
D)
None of the above
Answer & Solution
Answer: Option
A
25
The contingencies stated in section 42 of the Indian Partnership Act, 1932, include
A)
Where a partnership has been constituted for a fixed term or to carry out specific adventures, the expiry of that term or completion of specific adventure
B)
The death of a partner
C)
Adjudication of a partner as insolvent
D)
All the above
Answer & Solution
Answer: Option
D
26
The right of rescind the contract of partnership is lost by
A)
Laches
B)
Affirmation
C)
Disabling himself from restoring what he may himself have received
D)
Either (A) or (B) or (C)
Answer & Solution
Answer: Option
D
27
The Limited Liability Partnership Act, 2008 (6 of 2009) is an Act to make provisions for the
A)
Formulation and regulation of General Partnership Firms and Limited Liability formed under Indian Partnership Act, 1932
B)
Formulation and regulation of Joint Ventures with unlimited liability formed under Indian Contract Act, 1872
C)
Formulation and regulation of Chit Funds Organisations with unlimited liability formed under the Chit Funds Act, 1982
D)
Formation and regulation of Limited Liability Partnership with limited liability formed under the Limited Liability Parternship Act, 2008
Answer & Solution
Answer: Option
D
28
A partnership firm is a legal entity "like a company". The statement is:
A)
True
B)
False
C)
Partly true
D)
None of the above
Answer & Solution
Answer: Option
B
29
Liability of the firm under section 27 of the Indian Partnership Act, 1932 arises where
A)
The property is received by a partner acting within his apparent authority and he misapplies it
B)
The property is received by a partner without his apparent authority and he misapplies it
C)
The property is received by a partner whether within or without his apparent authority and he misapplies it
D)
Neither (A) nor (B)
Answer & Solution
Answer: Option
A
30
Alteration in partnership deed are to be brought to notice of Registrar of Firms within a period of . . . . . . . . days
A)
20
B)
90
C)
60
D)
100
Answer & Solution
Answer: Option
B
